OctaFX Review | Trading Options, MetaTrader platform etc.

OctaFX Review

OctaFX offers a basic, low-cost MetaTrader platform in addition to its social copy-trading platform. It has made tremendous progress in terms of trader pricing options, but it offers a limited number of tradeable products and a lack of diversity in its educational materials. OctaFX also has only one regulatory license.

Information about OctaFX

Since its inception in 2011, OctaFX.com has provided clients with a diverse range of trading options with low initial deposits. It has received several industry accolades for its outstanding online trading services and platforms. OctaFX is a brand shared by two separate brokerage firms. Octa Markets Cyprus Ltd, doing business as OctaFX.eu, is a Cyprus-based investment firm regulated by the Cyprus Securities and Exchange Commission (CySEC). This permits customers to deal with a broker that is regulated by the European Union and provides better protection.

The benefits and drawbacks of OctaFX Review .

Pros:

• OctaFX was created in 2011 and is regulated in just one tier-2 country (Cyprus), making it a high-risk forex and CFD broker. • OctaFX features a growing collection of well-organized research, including trading ideas, daily updates, weekly predictions, and third-party material.

• Customers dealing with the broker’s unregulated offshore business in Saint Vincent and the Grenadines (SVG) are not protected by any regulations. • OctaFX appears to have reasonable trading fees, but its reported spreads lack corresponding date ranges and are associated with a small number of just over 50 tradeable symbols. The cTrader platform is no longer supported by OctaFX.

Is OctaFX a safe place to trade?

OctaFX has a Trust Score of 61 out of 99, making it a high-risk broker. OctaFX is not a publicly traded corporation and does not operate a bank. OctaFX is governed by zero tier-1 (high trust) regulators, one tier-2 (medium trust) regulator, and zero tier-3 regulators (low trust). To learn more about the Trust Score, click here.

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Regulations Comparison

FeatureOctaFX
Foundation Year2011
Is it Publicly Traded (Listed Platform)No
BankNo
Tier-1 Licenses0
Tier-2 Licenses1
Tier-3 Licenses0
Trust Score61

Who is OctaFX recommended for?

Because of its low starting balance requirements and narrow spreads, OctaFX is an excellent alternative for investors searching for a low-cost way to get started trading a wide range of assets. While the site focuses largely on forex, the additional asset classes – such as US, UK, and Japanese stocks – provide an excellent opportunity to diversify your investment portfolio in one place.

Investors will pay special attention to OctaFX’s bitcoin trading option in 2020. Investors are increasingly using cryptocurrencies such as Bitcoin, Litecoin, Ripple, Bitcoin Cash, and Ethereum to fund their trading accounts and invest in them as they grow more popular. For traders, the lack of fees and commissions is a great motivation to do what they love: trade. OctaFX’s monthly rewards and referral program, which fosters a vibrant, competitive environment among platform users, encourages even more aggressive trading. Copy trading, which allows traders to mimic the patterns of OctaFX’s most successful customers, is another remarkable feature.

The Best Features of OctaFX

• Account Kinds: You may pick from three account types with Metatrader4, Metatrader5, and Metatrader support, each catering to a distinct trader style and skill level. OctaFX’s product is distinguished even more by its vast range of accounts and platforms.

• Cryptocurrency-Friendly Platform: Thanks to OctaFX’s support of cryptocurrencies as a funding source and the ability to trade Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin, clients can start trading cryptocurrency pairs with as little as $100 and leverage of up to 1:25.

• Low Spreads: Trade a wide selection of currency pairs and precious metals at a low cost per trade and with market execution in less than 0.1 seconds.

• Imitate Top Notch Traders: With Copy Trading available on all account types, all a trader has to do is log in, select a top trader to copy, and with the click of a button, they can duplicate their strategy.

• Comprehensive Market Materials: The website includes a wealth of investor education materials, as well as trading signals, charting tools, and regularly updated investment articles and seminars.

OctaFX Overview.

Brokerage firm type.ECN/STP Broker
Licensing and RegulationSt. Vincent and the Grenadines (OctaFX.com), Cysec (OctaFX.eu)
Jurisdictions Accepted185 countries worldwide
Assets on the market Currency Pairs (live quotes), CFDs, Cryptocurrency, Commodities, Stocks
Platforms that are available.MetaTrader 4, MetaTrader 5
Compatibility with mobile devices. iOS, Android
Accepted Payment Methods Credit/Debit Card, Bank Transfer, Skrill, Neteller, FasaPay, PayTM, Nganluong, PerfectMoney, Bitcoin, Help2pay, Billplz

OctaFX Accounts Variations

OctaFX Account Types   
Attributes.MicroProECN
Currencies used in accounts.USD, EURUSD, EURUSD, EUR
Leverage that is available.Up to 500:1Up to 200:1Up to 500:1
Minimum Deposit50500100
Starting Spreads0.4 pips0.2 pips0.0 pips
Commission Per Trade000
Decimal PricingUp to 5 decimalsUp to 5 decimalsUp to 5 decimals
Swaps/RolloversYes/Free RolloverYes/Free RolloverYes/Free Rollover
Trading Instruments28 currency pairs
2 precious metals
4 indices
5 cryptocurrencies
28 currency pairs
2 precious metals
2 energies
10 indices
5 cryptocurrencies
28 currency pairs
2 precious metals
Per trade, the minimum lot size is0.01 lot0.01 lot0.01 lot
Per trade, the maximum lot size is.UnlimitedUnlimitedUnlimited
Demonstration Account.YesYesYes
There are no swaps or rollovers.Swap Free/Rollover FreeSwap FreeSwap Free
Support for Copy TradingYesYesNo

At OctaFX, compliance and regulation.

OctaFX is based in the Caribbean country of St. Vincent and the Grenadines. The company’s OctaFX.com website is governed by the financial authorities of that nation. The website OctaFX.eu is overseen by CySec.

Unlike other trading platforms that exclude foreign citizens from using their services, OctaFX is accessible to users from over 180 countries. During account registration, the name of your country will most likely display in the drop-down menu. Customers from the United States are unable to register with OctaFX at this time.

OctaFX Pricing

OctaFX makes money by charging a spread on the many asset types it offers, rather than charging commissions or fixed fees. Even with this ECN/STP broker structure, the spreads on currencies and other assets are extremely competitive and similar to many online trading platforms.

Swaps are available on the Micro account, while the Pro account charges a three-day fee for swaps, and the ECN account charges a weekend fee for transactions completed outside of normal trading hours. With the exception of the ECN account, all of the other account choices enable free rollovers.

Aside from trading costs, OctaFX is notable for the absence of expenses related with rapid deposits and withdrawals.

Security and Reliability at OctaFX

A reliable platform is essential for forex trading, and OctaFX delivers on this front. Thanks to multi-platform compatibility, which includes desktop and internet apps, as well as fast execution rates and support for Android and iOS mobile devices, you’ll be able to use the platform with confidence from virtually any device. OctaFX features a simple interface that works well with all three trading platforms. The smartphone applications are simple to use, with clear graphics and real-time pricing. Users have reported few problems with connectivity and stability, indicating that the platform is reliable.

Due to a non-dealing desk strategy focusing on straight-through processing (STP) execution, traders may be certain that they are accessing perfect trading conditions with no requotes and 97.5 percent of all orders experiencing no slippage, as well as speedy execution of less than 0.1 second. Apart from these dependable qualities, OctaFX has received multiple awards for its customer service and platform stability. According to European CEO Magazine, the best mobile trading app of 2019, as well as the following awards:

OctaFX has been used by a number of people.

Before trading on the OctaFX platform, users must first register an account. Signing up for a demo account is quick and easy, requiring only a few personal details and a valid email address. If you wish to sign up for a full account, you’ll need to provide personal ID verification and a few more documents. These include things like your photo ID, a recent utility bill as proof of domicile, and a trading verification system that evaluates your degree of experience trading forex and other assets. Until this operation is completed, your account’s functionality will be limited.

You may start trading on the platform of your choice once your OctaFX account is up and running. Users of OctaFX may fund their trading accounts using a variety of methods. Traditional methods such as credit card, bank transfer, and direct deposit, as well as cryptocurrencies and a range of electronic payment choices, are accessible in over 100 countries. Payment alternatives include Skrill, Neteller, and PerfectMoney, to name a few. Non-EU customers can get a 50% bonus on their deposits, which is a huge advantage.

With OctaFX, withdrawing profits to a chosen bank account or eWallet is a simple process that takes only a few mouse clicks to accomplish. OctaFX is known for its fast deposit and withdrawal times, as well as the fact that no charges are charged on any of these transactions or currency conversions.

OctaFX has also made an effort to provide educational resources. The business has made a substantial investment in client education with unique products like as Autochartist, trading signals, market research and news, guidelines, and tutorials. Importantly, if customers have any difficulties or questions, the OctaFX customer service team is available Monday through Friday, 24 hours a day, 7 days a week. Live chat, phone, WhatsApp, Telegram, email, and even normal mail are all options for contacting the crew. People that are comfortable figuring things out on their own will benefit from the FAQ section.

Final Thoughts on OctaFX

Overall, OctaFX is an excellent trading platform with minimal minimum deposits and a diverse selection of asset classes and trading instruments. OctaFX’s offering, which delivers excellent features at a low price, distinguishes out for its non-EU users’ 50% deposit bonus, as well as leverage and copy trading capabilities. This is ideal for beginning forex traders who want to gain a feel for the market on a safe, secure, and cost-effective platform. Because they are available 24 hours a day, seven days a week, the OctaFX customer service team is extremely approachable.

Additionally, expert investors will like the relatively tight spreads, lack of costs, and flexibility to apply any trading technique, including hedging, scalping, and automated trading. Because of its excellent customer service, numerous trader education tools, and regulated approach, OctaFX is an excellent place to start trading or adapt an existing plan.

Contact details:

Website: https://www.octafx.com/

Phone: +442033221059

Frequently Asked Questions about OctaFX

Q)Do I need to fund my account and present compliance papers to test a demo account?

Ans: No, however detailed accounts do necessitate documentation. To get started with a sample account, simply provide your first and last names, country of residence and address, email address, and phone number. After validating your email, you may establish a demo account on OctaFX’s user dashboard.

Q) Is it possible for inhabitants of the United States to sign up for OctaFX?

Ans: The United States is currently not permitted to join the platform. Although OctaFX allows customers from over 180 countries, it does not currently have official authorisation to provide services to citizens of the United States.

Q) Can OctaFX be used to execute automated trading strategies?

Ans: OctaFX offers a wide range of strategies, including automated Expert Advisor strategies (EAs). Customers with any OctaFX account type can duplicate trade in addition to this compatibility.

Q) Can I use the OctaFX trading platform to deposit or withdraw cryptocurrencies?

Ans: OctaFX allows Bitcoin as a deposit and withdrawal method. Deposits are free and take 3 to 30 minutes to process; however, withdrawals take 1-3 hours to process and another 30 minutes to distribute Bitcoin, all of which are free.

Q) Do you provide swap-free trading accounts at OctaFX?

Ans: Yes, swap-free accounts are available, but only for certain account types. Shariah-compliant accounts can also be accessed. For further information, please contact an account manager or a customer support representative.

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